Mike hit the nail on the head.Cross all your T’s because one error can be costly.My biggest issue is that you make sure you are not over paying and are getting a deal on this property.Sometimes owner financing happens in instances where banks would not fund the deal.

I have had 2 instances that were bad and they were not college students.

For instance I am a specialist in commercial retail properties nationwide.

Next thing I ask is how many are private lenders and about 70% raise there hands.. there is so much money floating about Socal and Bay area you cant miss it.. what you need though is to be experienced in most instances.. its not dumb money its just private.

For instance, I "encourage" my teenagers to set aside 25% of their paychecks into a savings account, and they do that.

Experience in the same product type (for instance if you are buying a 10 unit they want you to have experience successfully operating a 10 unit)2.

Inquire into why it is assignable, for instance: to whom it is assigned and why, and how much the new buyer is paying the original buyer - AKA – an assignment fee.

But you can get a lot of info just listening to the podcast for instance I was driving for dollars and had a bunch of houses that got the letters I sent returned and I said “now what” do thy just sat there then on a podcast they talked about skip tracing now I have phone numbers.

They often are paying water and electric out of pocket.If they even could represent the buyer (Im guessing its a conflict in their paperwork with the bank in most instances) they would now have to handle all those pieces as well.

For OO, if you lived there 2 out of the last 5 for instance, it's sold tax free.